Just got back from some, ahem, emergency meetings.....
Citi buying Wachovia, WaMu being bought, etc proves that we can get through a bad market. Markets have to allow companies to fail to have any credibility.
We hear the whining of less people being able to "get loans for cars and college" and I dont see how this is a problem. Banks will always lend money to people who are credit-worthy, so really we are just arguing about people without down payments and people with bad credit. Isnt loaning to them how we got here in the first place? If we bailout banks that gave loans to the wrong people to ensure they continue giving loans to the wrong people.... well, that is where we were headed with this bailout.
And, if the impasse holds, the Dims may just do that. Craft a bill with everything they want in it and nothing the Rs want and pass it through the House. Then if the Rs in the Senate block it, they will appear to be even more obstructionist than they already appear to be. If they pass it, the Ds get exactly the bill they want.
From what I've been hearing our buddies in D.C. had their phones ringing off the hook since they walked into their offices. And the American people didn't want this bailout to pass.
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